South Korea Allocates One Trillion Won for Blockchain Technology in 2019

South Korea Allocates One Trillion Won for Blockchain Technology in 2019

South Korea is showing a greater interest towards the field of cryptocurrencies, budgeting upwards of one trillion won (around $880 million) for the fields of blockchain technology, AI, and the sharing economy.

South Korea Doubles Investment in Blockchain

According to an official press release, South Korea will invest a total of 5 trillion won (around $4.4 billion) in its “Growth Through Innovation” plan. The strategy will fund a total of eight pilot projects, which plan to develop a “platform economy” comprised of a digital platform for big data analytics and transactions, as well as a hydrogen fuel cell supply chain.

South Korea plans to invest a total of between 9 and 10 trillion won in the initiative, recognizing the nationwide impact that it would have on other industries.

The official release also places an emphasis on blockchain-based technology as an important part of boosting the sharing economy:

The government will focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy.

The fields of big data, AI, and blockchain will receive a total funding upwards of 1 trillion won in 2019 — which is almost twice as much as what it received in 2018 (579.9 billion won).

Signs of Positivity

South Korea is clearly taking blockchain technology and cryptocurrencies seriously.

Apart from the massive investments which it intends to pour in the field, South Korea recently saw the opening of industry-specific research centers. These are designated to provide comprehensive analyses of the cryptocurrency market conditions within the country and abroad.

In July, the country also announced the creation of the Financial Innovation Bureau (FIB) – a governmental structure part of the Financial Services Commission (FSC) dedicated to working on policies concerning the field of cryptocurrencies, big data, and fintech.

Do you think that South Korea is moving in the right direction by directing resources towards the field of blockchain-based technologies? Don’t hesitate to let us know in the comments below!